- World Network plans to integrate Visa payment capabilities into its crypto wallet.
- The partnership could make World Wallet a multi-functional financial tool.
- Visa’s network would enable stablecoin payments across thousands of global merchants.
According to a CoinDesk report, Sam Altman’s World Network is considering a partnership with Visa. The idea is to merge the functions of a Visa card with World Wallet. This would enable the user to make simple and stablecoin payments to merchants across the globe. The move may also bring fiat on and off-ramp functions to the crypto wallet.
World Network is part of Tools for Humanity entity, which also manages Worldcoin. The company has submitted a product request form among major card issuers. It is also partnering with Rain, a crypto card facilitator that is in partnership with Coinbase and Circle. Projects such as Avalanche and Optimism have been granted Visa-enabled crypto cards by Rain.
Expanding Wallet Capabilities
World Wallet is being designed as more than a simple means of storing digital assets such as cryptocurrencies. According to sources familiar with the matter, the idea is to make it a “mini bank account.” It could be used to store, transfer, and even transact in virtual assets. This involves stablecoins, foreign currencies, and other on-chain assets.
The potential collaboration between Visa and the company means that stablecoin payments can be used in thousands of retail points globally. This would facilitate real-time payment using blockchain across the world through the Visa payment system. One of the factors that would be to users’ advantage is the ability to use traditional card payment systems while holding crypto assets.
The wallet can also support load-to-wallet and send-to-wallet options. These capabilities would enable users to purchase the tokens, fund their wallets as well as transfer funds across borders. The platform may prove to be a fully financial instrument for the users in both the developed and the emerging markets.
The discussions indicate that there is an increasing push to integrate decentralized finance with centralized finance. The idea behind World Wallet is the provision of FX tools, card payments, and storage of cryptocurrencies in one ecosystem.
Innovations in Communication and Identity
Apart from the payment-related services, World Network has planned features related to identity and security for users. One of the recent additions is World Chat a messaging application integrated into the World App. The app makes use of biometric verification, thus authenticating that all users are genuine individuals.
This approach mitigates cases of spam and bot interactions, which in return increases the trust of the users. The process of communication is intensified within the platform and becomes more authentic and secure. All services within the World Network environment are based on verified identities.
The company also collaborated with a gaming computer hardware firm Razer. Together, they made a Razer ID that was authenticated with World ID. This feature assists in eradicating bots in the gaming space through the identification of the users using biometric methods.
Worldcoin’s native token, WLD, has experienced a surge following the announcement of the partnership. WLD is trading at $0.9276 up by 14% in the past 24 hours, according to Coinmarket Cap data.
